{"id":852,"date":"2020-07-06T11:43:22","date_gmt":"2020-07-06T11:43:22","guid":{"rendered":"https:\/\/newsraise.com\/?p=852"},"modified":"2020-07-06T11:43:22","modified_gmt":"2020-07-06T11:43:22","slug":"smic-chipmaker-stock-offering-will-be-chinas-largest-in-a-decade-gic-being-one-of-the-investors","status":"publish","type":"post","link":"https:\/\/newsraise.com\/index.php\/2020\/07\/06\/smic-chipmaker-stock-offering-will-be-chinas-largest-in-a-decade-gic-being-one-of-the-investors\/","title":{"rendered":"SMIC Chipmaker Stock Offering will be China\u2019s Largest in a Decade; GIC being one of the Investors"},"content":{"rendered":"<p><b>Beijing<\/b><span style=\"font-weight: 400;\">: Semiconductor Manufacturing International Corp (SMIC) is set to hold the China\u2019s largest stock sale in a decade, the nation top homegrown chipmaker raises capital while the US tightens restrictions on technology sales to the nation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SMIC could sell as much as 53.2 billion yuan (S$10.5 billion) of shares, as it released offering details in a statement to the Shanghai Stock Exchange on Sunday (July 5). In May, analysts estimated a Shanghai listing could fetch somewhere in the US$3 billion range.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The offering would be the largest since Agricultural Bank of China&#8217;s 68.5 billion yuan initial public offering in 2010. SMIC&#8217;s Hong Kong stock jumped as much as 10 per cent on Monday to a fresh record high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The initial institutional offer for the shares was 165 times oversubscribed. Two big sovereign wealth funds, Singapore&#8217;s GIC and Abu Dhabi Investment Authority, subscribed as strategic investors for shares worth 3.32 billion yuan (S$655.3 million) and 400 million yuan, respectively.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Chinese chipmaker Semiconductor Manufacturing International Corp. (SMIC) seeks to raise $6.55 billion in a Shanghai share sale, arguably China\u2019s largest stock sale in a decade, as the US tightens restrictions on technology sales to China. <a href=\"https:\/\/twitter.com\/hashtag\/China24x7?src=hash&amp;ref_src=twsrc%5Etfw\">#China24x7<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/tech?src=hash&amp;ref_src=twsrc%5Etfw\">#tech<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/stocks?src=hash&amp;ref_src=twsrc%5Etfw\">#stocks<\/a><\/p>\n<p>&mdash; Pandaily (@thePandaily) <a href=\"https:\/\/twitter.com\/thePandaily\/status\/1280027502245625856?ref_src=twsrc%5Etfw\">July 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The company is China&#8217;s biggest contract manufacturer of chipsets and a major piece of Beijing&#8217;s vision to create a self-reliant and world-class semiconductor industry. SMIC plans to use the stock-sale proceeds to develop next-generation chipmaking to try to compete with Intel Corp and Taiwan Semiconductor Manufacturing Co. Like TSMC, SMIC is a so-called foundry that helps fabricate silicon based on other companies&#8217; designs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">China&#8217;s National Integrated Circuit Industry Investment Fund, popularly known as &#8220;the big fund&#8221;, is investing 3.5 billion yuan in the company, SMIC said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SMIC&#8217;s online subscription, mainly targeting individual investors, will start on Tuesday, it said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SMIC&#8217;s shares have tripled in Hong Kong this year, compared with a 9 per cent drop for the Hang Seng Index, on bets trade friction with the US will force Beijing to focus more on home-grown tech and products to replace imports. China&#8217;s state-backed funds pumped US$2.25 billion into a SMIC wafer plant in May.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The effort comes at a time the Trump administration is threatening to deny domestic companies like SMIC or Huawei Technologies access to crucial components and circuitry. Its listing is a boost for the STAR market, which has struggled to attract major technology companies since its launch last year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beijing: Semiconductor Manufacturing International Corp (SMIC) is set to hold the China\u2019s largest stock sale in a decade, the nation top homegrown chipmaker raises capital&#8230;<\/p>\n","protected":false},"author":3,"featured_media":858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[165],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SMIC Chipmaker Stock Offering will be China\u2019s Largest in a Decade<\/title>\n<meta name=\"description\" content=\"Semiconductor Manufacturing International Corp (SMIC) is set to hold the China\u2019s largest stock sale in a decade, the nation top homegrown chipmaker...\" \/>\n<meta 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